BENGALURU, Sept 11 (Askume) – Abu Dhabi has awarded oil and gas production rights for an onshore block to Indian state refiner Bharat Petroleum Corp (BPCL.NS) and Indian Oil Corp (IOC.NS), BPCL said
The Supreme Council of Financial and Economic Affairs in Abu Dhabi has granted powers to Urja Bharat Pvt Ltd, a joint venture between Indian Oil and Bharat PetroResources, the exploration and production arm of BPCL.
The Indian company secured production rights for onshore Block 1 after completing the awarded exploration phase in 2019.
“Initial exploration work in onshore Block 1 has yielded positive results,” BPCL said.
